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If a company has a budgeted production cost of $150,000 and actual production co
If a company has a budgeted production cost of $150,000 and actual production cost of $160,000, what is the cost variance?
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Practice Questions
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Q1
If a company has a budgeted production cost of $150,000 and actual production cost of $160,000, what is the cost variance?
$10,000 Favorable
$10,000 Unfavorable
$5,000 Favorable
$5,000 Unfavorable
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Cost Variance = Actual Cost - Budgeted Cost = $160,000 - $150,000 = $10,000 Unfavorable.
Questions & Step-by-step Solutions
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Q
Q: If a company has a budgeted production cost of $150,000 and actual production cost of $160,000, what is the cost variance?
Solution:
Cost Variance = Actual Cost - Budgeted Cost = $160,000 - $150,000 = $10,000 Unfavorable.
Steps: 6
Show Steps
Step 1: Identify the budgeted production cost, which is $150,000.
Step 2: Identify the actual production cost, which is $160,000.
Step 3: Use the formula for cost variance: Cost Variance = Actual Cost - Budgeted Cost.
Step 4: Substitute the values into the formula: Cost Variance = $160,000 - $150,000.
Step 5: Calculate the difference: $160,000 - $150,000 = $10,000.
Step 6: Determine if the variance is favorable or unfavorable. Since the actual cost is higher than the budgeted cost, it is unfavorable.
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